Looking beyond the immediate stimulative effects of the recovery process, the island's long-term prospects

looking beyond the immediate stimulative effect of the recovery process the island's long-term prospects


would be to really focus a lot of our hiring efforts in the metro markets that I mentioned earlier,

would be to really focus a lot of our hiring efforts in the metro markets that i mentioned earlier


One of my measures of a great partner is doing business with a person who does what they said they would do, and William has done exactly that.

one of my measures of a great partner is doing business with the person who does what they said they would do and william has done exactly that


Now there are a couple of certain items that I should mention, and then I'll give you some details on our full year outlook.

now there are a couple of certain items that i should mention and then i'll give you some details on our full year outlook


And then -- so we can make adjustments as we understand what the market value. So if they -- if the dividends are

and then we can make adjustments as we understand what the market values so if they -- if the dividends are


So I just wonder if you have seen that large driver demand will rebound in the first quarter next year

so i just wonder if you have seen that large driver demand will rebound in the first quarter next year


We are already actively committing investment in making related masterplan aligned leasing decisions to that effect.

we are already actively committing investment and making related master plan-aligned leasing decisions to that effect


So when we looked at client satisfaction, when we looked at our channel checks, when we looked at how people were actually using the application,

and so when we looked at client satisfaction when we looked at our channel checks when we looked at how people were actually using the application


And how that fair value compares to your cost basis? Is that representative of what's left in the portfolio?

and how that fair value compares to your cost basis is that representative of what's left in the portfolio


We, therefore, continue to target an increase in full year operating income.

we therefore continue to target an increase in full year operating income


I'm pleased that we are able to complete these reactivations while maintaining or improving our high level of execution.

i'm pleased that we were able to complete these reactivations while maintaining or improving our high level of execution


The way it goes is, once we hit stabilization,

the way it goes is once we hit stabilization


We're not immune to this. However, we do believe we see a much broader opportunity set than our competitors and as a result,

we're not immune to this however we do believe we see a much broader opportunity set than our competitors and as a result


supported by the fair value increase in our investment in Alcami, which was driven by the company's strong performance.

supported by the fair value increase in our investment in alchemy which was driven by the company's strong performance


With respect to seasonality -- but let me put it -- back on the cash piece, let me remind you that

with respect to seasonality but let me put it back on the cash piece let me remind you that


If you take out freight and you look at the commodity side, we've reached sort of place where we feel like

if you take out freight and you look at the commodity side we've reached sort of a place where we feel like


things that all of our research has shown people like that. And they have a high use of that and a high redemption rate.

things that all of our research has shown people like that and they have a high use of that and a high redemption rate


comes to mind, but what about -- or can you talk about the availability of slots? Was that

comes to mind but what about -- can you talk about the availability of slots was that


So we developed stopping rules for our Phase II trial and further, we find them in the first part of the trial.

so we developed stopping rules for our phase ii trial and further refined them in the first part of the trial


And so we feel very good about that. And then just one other point I would put on China is the work that we're doing on digital

and so we feel very good about that and then just one other point i would put on china is the work that we're doing on digital


But I think the most encouraging thing is we are literally at the table with all 10 of the major payers right now,

but i think the most encouraging thing is we're literally at the table with all 10 of the major payers right now


We expect other channels to launch on this platform in 2019. In the coming quarters,

we expect other channels to launch on this platform in 2019 in the coming quarters


and we're in key discussions. Rick has actually spent a lot of time in Europe and might be able to add a little more color on that.

and we're in key discussions rick has actually spent a lot of time in europe and might be able to add a little more color on that


However, given the continued change in the commercial real estate landscape as well as specific limitations on certain of our remaining properties,

however given the continued change in the commercial real estate landscape as well as specific limitations on certain of our remaining properties


last year due to lower ZALVISO shipments to Grunenthal, as they continue to work down the inventories purchased

last year due to lower zelviso shipments to grunenthal as they continue to work down the inventories purchased


I won't answer the question in the way you're asking it as in a specific breakout because that's a competitive issue.

so i won't answer the question in the way you're asking it as in a specific breakout because that's a competitive issue


It's been proven time and again that new models are highly sought after with very strong demand.

it's been proven time and again that new models are highly sought after with very strong demand


A full listing of these risks is posted on our website. As a result of these risks, actual results may differ materially.

a full listing of these risks is posted on our website as a result of these risks actual results may differ materially


It is a tough time to be in the power business, but our efforts have helped mitigate these downside risks

it is a tough time to be in the power business but our efforts have helped mitigate these downside risks


probably a little bit too high because it was earning -- and I say Argentina, I should be saying Southern Cone because it's the group of countries there.

probably a little bit too high because it was earning -- and i say argentina i should be saying southern cone because it's a group of countries there


have our efforts really focused on the discovery phase and have our partners do development.


In addition, we were negatively impacted by outages at our site in Ohio, which negatively impacted the site for 7 days,

in addition we were negatively impacted by outages at our site in ohio which negatively impacted the site for 7 days


and showing off what we can do and trying to secure additional clients.


These contracts are the tangible sign of our capability to successfully operate in the region.

these contracts are the tangible sign of our capability to successfully operate in the region


Look, it's tough out there and there's definitely no easy path in these difficult markets to change things around easily.

look it's tough out there and there's definitely no easy path in these difficult markets to change things around easily


We continue to be aware of the concerns around liquidity and cash flow as we fight through these down markets and we're very mindful

we continue to be aware of the concerns of our liquidity and cash flow as we fight through these down markets and we're very mindful


with very strong margin expansion in our developed markets and more growth coming from our emerging markets.


you will find videos that compare the performance of our QRT ultra products to comparable TAD ultra products.

you will find videos that compare the performance of our qrt ultra products to comparable tad ultra products


We are also currently evaluating several potential acquisitions that could be a good fit for our company.

we are also currently evaluating several potential acquisitions that could be a good fit for our company


into the first lien credit facility, thereby, meaningfully reducing our weighted average interest rate.

into the first lien credit facility thereby meaningfully reducing our weighted average interest rate


As we mentioned last quarter, we do expect our return on assets to moderate from the particularly strong levels currently,

as we mentioned last quarter we do expect our return on assets to moderate from the particularly strong levels currently


where you stand in that process, have those been moving forward? Are they kind of stuck in the slow testing and validation

where you stand in that process have those been moving forward are they kind of stuck in a slow testing and validation


Now let me move to the progress we are making to further diversify and strengthen our offering of aesthetics solutions.

now let me move to the progress we are making to further diversify and strengthen our offering of aesthetic solutions


Our goal is to position STRATA as a business partner, one that can help practices and physicians be successful.

our goal is to position strata as a business partner one that can help practices and physicians be successful


We're very excited to continue our steady progress towards this goal. With that, I'll turn the call over to Carolyn.

we're very excited to continue our steady progress towards this goal with that i'll turn the call over to carolyn


The offer from MTY represents an opportunity for shareholders to accelerate that growth.

the offer from mty represents an opportunity for shareholders to accelerate that growth


and making sure we take the opportunity to maintain our margins because that's where the focus is and we think we have enough levers


As you've seen, the ratios are basically flat in Central America, and in Colombia, we still did have a bit more deterioration

as you've seen the ratios are basically flat in central america and in colombia we still did have a bit more deterioration


if I'm buying out the phone versus taking an installment plan, is the revenue any different to you?

if i'm buying out the phone versus taking an installment plan is the revenue any different to you


But there will be data available and of course, we would like to be able to talk about it.

but there will be data available and of course we would like to be able to talk about it great thank you


that explored a wide range of doses across different patient populations because dose response is not necessarily the same


And we said we would be reviewing our footprint, and we also said that we would not wait for the strategic plan

and we said we would be reviewing our footprint and we also said that we would not wait for the strategic plan


These filings identify important risk factors that could cause actual results to differ materially

these filings identify important risk factors that could cause actual results to differ materially


And we're going to be watching them like hawks to make sure that they stay on there. And our marketing teams, the other part of our marketing teams

and we're going to be watching them like hawks to make sure that they stay on there and our marketing teams the other part of our marketing teams


We have strengthened our partnership and processes with key vendors to provide consistent and reliable products

we have strengthened our partnership and processes with key vendors to provide consistent and reliable products


All right. So you're saying that 50% of the rail rate increase you were able to cover with your own pricing initiatives.

all right so you're saying that 50% of the rail rate increase you were able to cover with your own pricing initiatives


potentially it's a more complicated business plan that it is, but when we took a look at this and the way we assessed it,

potentially it's a more complicated business plan than it is but when we took a look at this and the way we assessed it


overall, I think that the team is working pretty hard, and we have a few opportunities that

overall i think that the team is working pretty hard and we have a few opportunities that


reducing the time and cost for well completion and stimulation programs, owing to a lesser and lower stage count.

reducing the time and cost for well completion and stimulation programs owing to a lesser and lower stage count


Moving on to our outlook for the remainder of the year, given our year-to-date performance and forecast expectations,

moving on to our outlook for the remainder of the year given our year-to-date performance and forecast expectations


For factors that could cause such differences, please refer to our regulatory filings with the Securities and Exchange Commission,

for factors that could cause such differences please refer to our regulatory filings with the securities and exchange commission


and work very similarly. So all I can say is that we have a number of different series that we're working on.

and work very similarly so all i can say is that we have a number of different series that we're working on


We're going to meet or beat pro forma stabilization on that. So I think we've been well cadenced on how we've balanced

we're going to meet or beat pro forma stabilization on that so i think we've been well cadenced on how we've balanced


our company will always be focused on improving the employee experience, which is a core part of how we drive our financial results.

our company will always be focused on improving the employee experience which is a core part of how we drive our financial results


We have successfully executed the restructuring actions that we outlined last quarter, and we will see the benefit in our fourth quarter.

we have successfully executed the restructuring actions that we outlined last quarter and we will see the benefit in our fourth quarter


The new law is very complex and as the details are further clarified, we may see additional adjustments in future quarters.

the new law is very complex and as the details are further clarified we may see additional adjustments in future quarters


And for anybody who would like to ask questions about how I got these numbers or whatever, well, please feel free to

and if anybody would like to ask questions about how i got these numbers or whatever please feel free to


it is sensible. It's not that easy to transport, and the unit value is

it is sensible it's not that easy to transport and the unit value is


The prior application proposed a transaction that would have involved the sale of the company's academic-related assets,

the prior application proposed a transaction that would have involved the sale of the company's academic-related assets


but is expected to be comparable to other shared service arrangements currently in place in the higher education marketplace,


Often those patients then are also discharged to home health. And let's just assume that at that point

often those patients then are also discharged to home health and let's just assume that at that point


So it's about making sure that we're comfortable that we're going to continue to generate,

so it's about making sure that we're comfortable that we're going to continue to generate


depending on what we see as -- on how we want to manage our cash, and we'll obviously do that as we go forward.

depending on what we see as -- on how we want to manage our cash and we'll obviously do that as we go forward


This is primarily a result of additional anticipated pharmacy sales for our PBM and Part D products.

this is primarily a result of additional anticipated pharmacy sales for our pbm and part d products


But we believe there are also great organic growth opportunities to create value, which we will pursue with vigor.

but we believe there are also great organic growth opportunities to create value which we will pursue with vigor


These financial results directly contributed to further strengthening of an already strong balance sheet.

these financial results directly contributed further strengthening of an already strong balance sheet


but to get on with demonstrating to investors that we're able to sustainably grow profits into the future.


These cash inflows were used to fund ongoing investments across all of our verticals and reduce our debt.

these cash inflows were used to fund ongoing investments across all of our verticals and reduce our debt


continues to be challenging, and it's mixed but we believe manageable from an economic standpoint.

continues to be challenging and it's mixed but we believe manageable from an economic standpoint


it's more difficult to roll it out in smaller companies because it requires


depend on our sub-acquiring business more than anything else. Therefore, we are very optimistic.

depend on our subacquiring business more than anything else therefore we are very optimistic


a period that has allowed for the growth and development of the team and the positioning of the business.


Real happy with the performance of Travel Network in the first and second quarter to date. On the Solutions side, again,

real happy with the performance of travel network in the first and second quarter to date on the solutions side again


Please be advised that actual results could differ materially from those stated or implied by our forward-looking statements

please be advised that actual results could differ materially from those stated or implied by our forward-looking statements


As we've previously mentioned, although we do not plan on growing our consolidated truck count above the 2015 fourth quarter levels,

as we previously mentioned although we do not plan on growing our consolidated truck count above the 2015 fourth quarter levels


How much margin expansion is contemplated at Intermodal? What are the biggest risks to expanding margins?

how much margin expansion is contemplated at intermodal what are the biggest risks to expanding margins


Turning to Slide 15. Even though we don't believe this market will be a reality, we are acting as if it will.

turn to slide 15 even though we don't believe this market will be a reality we are acting as if it will


So to summarize. We ended the third quarter with a solid core performance. We have strong momentum heading towards the end of the year.

so to summarize we ended the third quarter with a solid core performance we have strong momentum heading towards the end of the year


and Adam Logal, Chief Financial Officer, will provide an overview of the company's financial performance during the quarter.

and adam logal chief financial officer will provide an overview of the company's financial performance during the quarter


solve themselves for us. So other than that, we really didn't see a lot of impact in any other piece of the business.

solved themselves for us so other than that we really didn't see a lot of impact in any other piece of the business


I'd like to focus the balance of my remarks on our outlook for 2017 and capital deployment priorities.

i'd like to focus the balance of my remarks on our outlook for 2017 and capital deployment priorities


when I look at the impact it can have on your returns, your ROEs, it can make a big difference. So just your thoughts there.

when i look at the impact it can have on your returns your roes it can make a big difference so just your thoughts there


actively pursuing at the level we are now. But we think it's a huge opportunity for the company. And

actively pursuing at the level we are now but we think it's a huge opportunity for the company and


here with Orenitram, which is the third reason we believe that there will be many thousands of additional treprostinil patients.

here with orenitram which is the third reason we believe that there will be many thousands of additional troponin patients


As regards to the third brand, we continuously look at the market as well as opportunities

as regards the third brand we continuously look at the market as well as opportunities


This year, we are focused on the integration of MPI and the continued execution of our strategy.

this year we are focused on the integration of mpi and the continued execution of our strategy


And we will increase the development focus on extending the technology differentiation for private networks,

and we will increase the development focus on extending the technology differentiation for private networks


and finally provide further support to several marketing initiatives for our Butler assets, including enhanced credit support.

and finally provide further support to several marketing initiatives for our butler assets including enhanced credit support


We made substantial progress on our cost-saving activities during the quarter as we completed the consolidation of 41 banking centers

we made substantial progress on our cost save activities during the quarter as we completed the consolidation of 41 banking centers


And they're -- and we've driven more than 1 million miles on these on the road. So we know that they're safer.

and we've driven more than 1 million miles on these on the road so we know that they're safer


Volume growth, lower dray costs and improved mix and lane balance partially offset the decline.

volume growth lower dray cost and improved mix and lane balance partially offset the decline


or advancing new products and services through our integrated plan and care delivery operations in Brazil.

or advancing new products and services through our integrated plan and care delivery operations in brazil


a timing thing, probably a little bit. And then also this what we have been now discussing for a couple of months.

was a timing thing uh probably a little bit and then also this what we have been now discussing for for a couple of months


On the global client franchise, we've, over the last few years, invested in increased client proximity.

on the global client franchise we've over the last few years invested in increased client proximity


Before I get into more detail, I will review revenue performance by product group.

before i get into more detail i will review revenue performance by product group


The answer is obviously, we'll look at all of those. But as I said earlier in my comments, as we continue to the delever, I think it opens up

the answer is obviously we'll look at all of those but as i said earlier in my comments as we continue to delever i think it opens up


It continued to be a positive contributor right up the end of the Iron Hill deposit mine life,

it continued to be a positive contributor right up to the end of the iron hill deposit mine life


are intuitive, easy to use and that we build in solutions, so that people don't have to seek out

are intuitive easy to use and that we build in solutions so that people don't have to seek out


Therefore, it's critical as we move forward that we continue to be true to The Tile Shop way of doing business.

therefore it's critical as we move forward that we continue to be true to the tile shop way of doing business


But more -- I think more importantly, as the volumes through Singapore increase, which we expect them to,

but more -- i think more importantly as the volumes through singapore increase which we expect them to


And we also will continue to renew the existing contracts and strengthen the relationship with our retailers.

and we also will continue to renew the existing contracts and strengthen the relationship with our retailers


and restructuring and spin expenses and charges related to the devaluation of our previously held Venezuela business from the prior year results.

and restructuring and spin expenses and charges related to the devaluation of our previously held venezuela business from the prior year results


of what you think the business climate might be in the next 4 years and if you think it'd be helpful for ECIG. On

of what you think the business climate might be in the next 4 years and if you think it'd be helpful for esig thank you


versus kind of some of the other options are really off-target effects of different drugs. This is a very

versus kind of some of the other options are really off-target effects of different drugs this is a very


While overall market volumes are soft, there are plenty of opportunities for new sources of growth.

while overall market volumes are soft there are plenty of opportunities for new sources of growth


We expect the acquisition of Orlaco to drive additional opportunities and growth for our Electronics segment.

we expect the acquisition of orlaco to drive additional opportunities and growth for our electronics segment


You should expect us to be focused on assets consistent with our strategic goals of balance sheet strength, improving operations

you should expect us to be focused on assets consistent with our strategic goals of balance sheet strength improving operations


Then, on top of this, in order to reach our guided range, you have to produce a certain number in cash flow.

then on top of this in order to reach our guided range you have to produce a certain number in cash flow


we just really want to try to demonstrate what piece of our business is lending versus business services. So

we just really want to try to demonstrate what piece of our business is lending versus business services so


our earnings would improve, our leverage would trend back toward our more historical range and our coverage would improve.

our earnings would improve our leverage would trend back toward our more historical range and our coverage would improve


These covenants are tested at the travel level first and then at group, only if they have reached at the travel level.

these covenants are tested at the travel level first and then it groups only if they are breached at the travel level


Growth in the Middle East continues to be a key focus, as we seek to expand our presence in the region.

growth in the middle east continues to be a key focus as we seek to expand our presence in the region


our newly opened Mexico city office and Mexican trading entities.

our newly opened mexico city office and mexican trading entities


from their data centers to their subscribers across the entire access infrastructure.


And I'm wondering what does this mean as we go forward. Is this, the Q4, kind of the right mix to think

and i'm wondering what does this mean as we go forward is this the q4 kind of the right mix to think


pursue growth. So in earnest in fiscal 2019, the future vision of Yahoo is something we would like to achieve and realized.

pursue growth so in earnest in fiscal 2019 the future vision of yahoo is something we would like to achieve and realized


it's cyclical during the month. And so to the extent that the funds come in, it reduces our need

it's cyclical during the month and so to the extent that the funds come in it reduces our need


I know there's also a supply side issue as well, but I just wonder if you could talk more about the demand side because

i know there's also a supply side issue as well but i just wonder if you could talk more about the demand side because


give us confidence that a selected look at pricing can be successful is one,


and the ambition of what the contribution of innovation is going to be is a key element.

and the ambition of what the contribution of innovations is going to be is a key element


I'm still a little unclear on what the newly approved projects are. So can you give a little more detail on what that

i'm still a little unclear on what the newly approved projects are so can you give a little more detail on what that


picture question on the margin contraction that we've seen this year. It seems that seeing the branded business that you have,

picture question on the margin contraction that we've seen this year it seems that being the branded business that you have


the landing on a particular day and the day of the week and the timing around Christmas does

the -- landing on a particular day and the day of the week and the timing around christmas does


is the right thing to do in the midterm as well as the fastest way to gain scale and to become profitable.


significant plans that are embedded in that expense guidance we've already given, and I don't think that

significant plans that are embedded in that expense guidance we've already given and i don't think that


We've assigned additional personnel to assist our customers in this process and expect to work through the backlog over the balance of the year.

we've assigned additional personnel to assist our customers in this process and expect to work through the backlog over the balance of the year


And of course, this is then impacting us that we have an under-absorption. And on top of that, we also have some

and of course this is then impacting us that we have another absorption and on top of that we also have some


playing its role. And when that happens you begin to see the pressure on margins actually

playing its role and when that happens you begin to see the pressure on margins actually


and our experienced management team is well qualified to manage our businesses effectively.


They've been forcing people to come to the hospital or the clinic to get the experimental medicine. So I think it'll be a very interesting study,

they've been forcing people to come to the hospital or the clinic to get the experimental medicine so i think it'll be a very interesting study


research centers and others. So that's one thing. The second thing is that we are highly focused on service.

research centers and others so that's one thing the second thing is that we are highly focused on service


laboratory information systems and the consolidation of our 2 Southern California facilities.

laboratory information systems and the consolidation of our 2 southern california facilities


Before we get into those details, I want to give you a quick update on a few items that have transpired over the last month.

before we get into those details i want to give you a quick update on a few items that have transpired over the last month


This also explains why, whenever we stood back and really looked critically at our otherwise very long life portfolio

this also explains why whenever we stood back and really looked critically at our otherwise very long life portfolio


if we have an open slot in Baudette, this gives us the opportunity to advance several at one time

if we have an open slot in bardet this gives us the opportunity to advance several at one time


regarding the assistance to caregivers, for instance, short stays to

regarding the assistance to caregivers for instance short stays to


These very strong results are driven by a number of factors, including, one, our success in attracting new customers,

these very strong results were driven by a number of factors including one our success in attracting new customers


is not permitted without written authorization from the company. As a reminder, today's call is being recorded.

is not permitted without written authorization from the company as a reminder today's call is being recorded


a little bit of reduction on revenue, at least in the second half of the year.

a little bit of reduction on revenue at least in the second half of the year


to sit down and discuss what are the other options, because a lot of the capital that was going to come in was going to be for us to

to sit down and discuss what are the other options because a lot of the capital that was going to come in was going to be for us to


We also continued to return capital to shareholders, buying back approximately 2 million shares in the third quarter.

we also continued to return capital to shareholders buying back approximately 2 million shares in the third quarter


to the best of our knowledge, we believe at this point in time that we have not been noticed from any Paragraph IV filers, so it think it's probably maybe the best way to

to the best of our knowledge we believe at this point in time that we have not been noticed for many paragraph 4 filers so i think it's probably maybe the best way to


The revised plan reflects a lower estimated fair value for certain reporting units and intangible assets.

the revised plan reflects a lower estimated fair value for certain reporting units and intangible assets


We'll focus our efforts and resources behind XIAFLEX and its approved indications and in pursuing an indication

we will focus our efforts and resources behind xiaflex and its approved indications and in pursuing an indication


We had also positive performances in ICT revenues and particularly in wholesale this quarter.

we had also positive performances in ict revenues and particularly in wholesale this quarter


This quarter, we saw robust instrument placements around the world with exceptional strength in our Hyperion Imaging System.

this quarter we saw robust instrument placements around the world with exceptional strength in our hyperion imaging system


Revenues held up reasonably well against the backdrop of negative interest rates, although results did benefit from some one-offs.

revenues held up reasonably well against the backdrop of negative interest rates although results did benefit from some one-offs


In NCOU, we continue to liquidate positions even though the environment was not always conducive to doing so.

in ncou we continue to liquidate positions even though the environment was not always conducive to doing so


we understand the unique training needs of different segments and intend to curate specific content offerings


And with the current rates that will flip in the second half to approximately the same magnitude,

and with the current rates that will flip in the second half to approximately the same magnitude


what sort of offering from companies would I get at the moment? Because it seems that most listed players are pulling back, given the

what sort of offering from companies would i get at the moment because it seems that most listed players are pulling back given the


With the success of Summer Jam in New York last month, are there any plans to expand it to a series of concerts?

with the success of summer jam in new york last month are there any plans to expand it to a series of concerts


Our strategies require investment of capital and personnel development, which is why we have been focused on our cash management.

our strategies require investment of capital and personnel development which is why we have been focused on our cash management


lower transactional volume in the International segment and lower compliance volume in U.S. Capital Markets.

lower transactional volume in the international segment and lower compliance volume in u s capital markets


as well as cost reduction initiatives, partially offset by increased investments in our technology function.

as well as cost reduction initiatives partially offset by increased investments in our technology function


So we continue to see strong demand for existing and expansion capacity on our gas assets, and we believe we're well positioned

so we continue to see strong demand for existing and expansion capacity on our gas assets and we believe we're well positioned


We delivered excellent fourth quarter results highlighted by strong operating margins across all segments,

we delivered excellent fourth quarter results highlighted by strong operating margins across all segments


stepped out of the business. One of them, Winset, and immediately we saw an increase in broker activity.

stepped out of the business one of them windset and immediately we saw an increase in broker activity


We continue to analyze on a constant basis what's going to happen with prices

we continue to analyze on a constant basis what's going to happen with prices


the most recent wave of claims pertain to deaths


We continue to see a tremendous amount of opportunity for our technology and are pursuing all avenues of growth.

we continue to see a tremendous amount of opportunity for our technology and are pursuing all avenues of growth


The number of certified CyberArk engineers is also growing and already helping with implementations and ongoing service delivery.

the number of certified cybersecurity engineers is also growing and already helping with implementations and ongoing service delivery


contractors or owners or developers may or may not have started and met the safe harbor under the tax rules.


The gas utility subsector within midstream is a customer group that has recognized the benefits of integrated supply.

the gas utility subsector within midstream is a customer group that has recognized the benefits of integrated supply


With that, I'll turn it over to Richard. Thank you, Paul. Based upon the progress and momentum of our strategic initiatives

with that i'll turn it over to richard thank you paul based upon the progress and momentum of our strategic initiatives


this entire period and I would say for many, many years, as you know, we have been and continue to be very strong in Canada.

this entire period and i would say for many many years as you know we have been and continue to be very strong in canada


Previously, these banners were a small part of a large company, which was focused on a completely different sector retail.

previously these banners were a small part of a large company which was focused on a completely different sector of retail


we don't think it would be a problem to finance that or bring partners in to do a large acquisition.

we don't think would be a problem to finance that or bring partners in to do a large acquisition


Our plan kicked off in January but, it took months to get the right agents in place to ensure solid coverage in each region.

our plan kicked off in january but it took months to get the right agents in place to ensure solid coverage in each region


wanting to return. The only thing preventing them from doing so is that rule. So I think it's quite interesting that it's actually

wanting to return the only thing preventing them from doing so is that rule so i think it's quite interesting that it's actually


that said, I don't think there's anything else within the software space that we would want to or be likely to do.

that said i don't think there's anything else within the software space that we would want to or be likely to do


We -- where we have good performance, track records and can deliver investment innovation to meet those demands,

we -- where we have good performance track records and can deliver investment innovation to meet those demands


coupled with great targets and then the talents to run those businesses. And then I'll drop down to the last bullet point where I talk about

coupled with great targets and then the talent to run those businesses and then i'll drop down to the last bullet point where i talk about


a kind of a slow ramp up to that 1,500 tonnes a day as we get into those stopes. We kind of want to open up

a kind of a slow ramp up to that 1 500 tons a day as we get into those stopes we kind of want to open up


so we have to launch those brands, too. So we are just making sure that any guidance we provide to you

so we have to launch those brands too so we are just making sure that any guidance we provide to you


that occurred in the quarter given the strong earnings performance that we're showing thus far in the year.

that occurred in the quarter given the strong earnings performance that we're -- they're showing thus far in the year


We enter 2018 from a position of strength, with the opportunity to drive sustainable growth and value to our shareholders.

we enter 2018 from a position of strength with the opportunity to drive sustainable growth and value to our shareholders


investment activity in our business, visibility into our business model and results, the reduction of

investment activity in our business visibility into our business model and results the reduction of


and cash included in the entities sold. We also had a reduction in cash required for settlement activities and clearing deposits.

and cash included in the entity sold we also had a reduction in cash required for settlement activities and clearing deposits


to do some of that activity in other segments? Yes, Jim, so the bulk of it -- the bulk of it is from the acquisitions, but there are a few other areas

to do some of that activity in other segments yes jim so the bulk of it -- the bulk of it is from the acquisitions but there are a few other areas


but B2B commerce as well. And I don't think anybody can really touch the tremendous success we've had since

but b2b commerce as well and i don't think anybody can really touch the tremendous success we've had since


of what's the physical amount of oil in the ground. And we expect them to continue to

of what's the physical amount of oil in the ground and we expect them to continue to


In parallel, we're growing and choosing what proteins to target, in what applications and markets,

in parallel we're growing and choosing what proteins to target in what applications and markets


But with the second half moving in, the application product sales are getting back.

but with the second half moving in the application product sales are getting back


Step one was the development of a company-wide emphasis on streamlining our business and organization.

step one was the development of a company-wide emphasis on streamlining our business and organization


Back in 2015, we indicated that we were going to be targeting much more substantial returns on capital that could

back in 2015 we indicated that we were going to be targeting much more substantial returns on capital that could


on Slide 15. Our Pennsylvania Regulated segment earnings for the third quarter were flat compared with a year ago.

on slide 15 our pennsylvania regulated segment earnings for the third quarter were flat compared with a year ago


We're not prepared to talk about what the commercialization organization is going to look like and the timing of the build.

we're not prepared to talk about what the commercialization organization is going to look like and the timing of the build


So it means that it is my intention to move ahead with the real estate master plans of Madrid and Barcelona for many reasons.

so it means that it is my intention to move ahead with the real estate master plans of madrid and barcelona for many reasons


any sizable amount of that revenue recognized in the fourth quarter?


These increased discounts were partially offset by continued progress on our sourcing initiatives, which drove down product cost.

these increased discounts were partially offset by continued progress on our sourcing initiatives which drove down product cost


but even more so for Vonage because our solutions are built from a common One Vonage platform,

but even more so for vonage because our solutions are built from a common one vonage platform


during the fourth quarter, which positions us so that we'll not need to access the equity markets until well

during the fourth quarter which positions us so that we'll not need to access the equity markets until well


Suite product, a refreshed casino and new dining and entertainment options are especially important to give these guests more opportunities

sweet product a refreshed casino and new dining and entertainment options are especially important to give these guests more opportunities


and provides additional time and flexibility to continue exploring and executing our strategic alternative process.


The calculation of this tax is quite complex and the measurement dates and requirements subject to further IRS guidance.

the calculation of this tax is quite complex and the measurement dates and requirements subject to further irs guidance


what's the right strategic direction for the group to create value, but it's not

what's the right strategic direction for the group to create value but it's not


but also some higher demand from our customers and, of course, integrating Bournemouth Water into it. So revenues have grown strongly.

but also some higher demand from our customers and of course integrating bournemouth water into it so revenues have grown strongly


From a strategic standpoint, we did note the preference to build liquidity during Q1 given the uncertainty around the ultimate

from a strategic standpoint we did note the preference to build liquidity during q1 given the uncertainty around the ultimate


Based on our analysis of our sales funnel activity and the number of institutions that are in the later stages of the sales cycle,

based on our analysis of our sales funnel activity and the number of institutions that are in the later stages of the sales cycle


And finally, our financial leverage and total leverage ratios were within our targets as of the end of the third quarter.

and finally our financial leverage and total leverage ratios were within our targets as of the end of the third quarter


We mentioned that we were a little late responding with rate, and that it would take a few quarters before rate actions would impact results.

we mentioned that we were a little late responding with rate and that it would take a few quarters before rate actions would impact results


for the seller, because it is technical assets and resources that our customers can use,

for the seller because it is technical assets and resources that our customers can use


and may ultimately drive increased demand for new equipment, as stronger carriers attempt to recover lost productivity.

and may ultimately drive increased demand for new equipment as stronger carriers attempt to recover lost productivity


The primary drivers of the increase of the full year impact of the 25 basis point spread increase with our term loan credit facility,

the primary drivers of the increase are the full year impact of the 25 basis point spread increase with our term loan credit facility


This record level of free cash flow was a direct result of our efforts to bring working capital levels down in line with demand.

this record level of free cash flow was a direct result of our efforts to bring working capital levels down in line with demand


it's interesting because we get a pretty good look at the book of business that is our national accounts. And

it's interesting because we get a pretty good look at the book of business that is national accounts and


and we do see a little bit of increase in technology. We are moving things into the cloud, which we can no longer

and we do see a little bit of increase in technology we are moving things into the cloud which we can no longer


rapid growth marketplaces, we tend to be a preferred provider to connect those small businesses to those platforms.

rapid growth marketplaces we tend to be a preferred provider to connect those small businesses to those platforms


is there anything you can say about the profitability of the business of the segment here? Is that in the black right now with this run rate?

is there anything you can say about the profitability of the business of the segment here is that in the black right now with this run rate


With respect to our guidance for fiscal '16, we -- and assuming the economy continues to hold,

with respect to our guidance for fiscal '16 we -- and assuming the economy continues to hold


and we promised that we would increase our focus on the business in order to deliver consistent quarterly results.


We have a few communities now that we have one car garages available that keep the price point affordable.

we have a few communities now that we have one-car garages available to keep the price point affordable


preliminary evidence also suggested a correlation between biomarker data and stable disease or better in 7 of these patients,


But there were probably a few that didn't have anything significant before, but most of them are either converting off of somebody else's

but there are probably a few that didn't have anything significant before but most of them are either converting off of somebody else's


There are currently limited treatment options for this disease, and if approved, IMBRUVICA would be the first and the only therapy

there are currently limited treatment options for this disease and if approved imbruvica would be the first and only therapy


forum. But I do think holding control of that study and sponsorship of the study should put us in a position to be

forum but i do think holding control of that study and sponsorship of the study should put us in a position to be


and I think we spent a great part of this year building that compliance team and those capabilities.

and i think we spent a great part of this year building that compliance team and those capabilities


and with aiming to become a company that develops personnel with the highest level of management expertise.


increasing power generation demand and the expansion of the gas-driven industrial complex.

increasing power generation demand and expansion of the gas-driven industrial complex


And many of the ones that choose not to renew with us decide to consolidate their spending with others who are broader.

and many of the ones that choose not to renew with us decide to consolidate their spending with others who are broader


that we have the team in place. And I think given the performance of the business at the end of last year, we're having a senior team in place

that we have the team in place and i think given the performance of the business at the end of last year with having the senior team in place


in relation to international enterprises. Now we know a lot more.

in relation to international enterprises now we know a lot more


more than we should. I mean, so it's a lot of moving parts in there, Tim. I don't want to get too specific for you. But I'll just simply say that you should expect that we

more than we should -- i mean so there's a lot of moving parts in there tim i don't want to get too specific for you but i'll just simply say that you should expect that we


get the appropriate return we felt because there're a lot of established players in those areas, as everybody knows.

get the appropriate return we felt because there's a lot of established players in those areas as everybody knows


Having said that, we covered it by giving as much clarity as we could

having said that we covered it by giving as much clarity as we could


and of course, all of our sales presentations emphasize that. And it seems that customers increasingly realize that,

and of course all of our sales presentations emphasize that and it seems that customers increasingly realize that


simplification of the tax reporting process for our investors and we believe a significant expansion of our investor base.


Well first of all, we have units that we haven't been able to

well first of all we have units that we haven't been able to


the stage 3 pressure is going to diminish over the course of the next few quarters. And depending on asset growth,

the stage 3 pressure is going to diminish over the course of the next few quarters and depending on asset growth


And so we focused on grinding through the lengthy and protracted restructuring process of the existing problem exposures in large companies,

and so we focused on grinding through the lengthy and protracted restructuring process of the existing problem exposures in large companies


The midpoint of this range implies an organic revenue increase of 7% compared to the same quarter last fiscal year.

the midpoint of this range implies an organic revenue increase of 7% compared to the same quarter last fiscal year


As a reminder, our quarterly volumes always have some level of uncertainty, given the size of our shipments and our delivery schedule.

as a reminder our quarterly volumes always have some level of uncertainty given the size of our shipments and our delivery schedule


In spite of the headwinds on volume, we carefully managed our costs and minimized the use of cash for operations in the quarter.

in spite of the headwinds on volume we carefully managed our cost and minimized the use of cash for operations in the quarter


The significantly low cost of ownership and ability to handle wide variations of materials

the significantly low cost of ownership and ability to handle wide variations of materials


We're also pleased to report the integration of our recent acquisitions continued essentially on track in the quarter.

we're also pleased to report the integration of our recent acquisitions continued essentially on track in the quarter


as decorative and electronic content continue to grow and we continue to penetrate the Eastern European market.

as decorative and electronic content continue to grow and we continue to penetrate the eastern european market


The year before was a very difficult period. So the factors pushing down

the year before was a very difficult period so the factors pushing down


However, before everyone throws in the towel, we firmly believe that our previously discussed growth initiatives,

however before everyone throws in the towel we firmly believe that our previously discussed growth initiatives


Okay. The other part of your release that caught my attention is the decline in working capital needs and the

okay the other part of your release that caught my attention is the decline in working capital needs and the


We do see continued good growth rates in medical and from an inorganic perspective we'd like to see that

we do see continued good growth rates in medical and from an inorganic perspective we'd like to see that


So with all the reforms and meetings and whatever have you

so with all the reforms and meetings and whatever have you


Yes. This is yet to be determined, and it will depend on a variety of different factors. But based on the current trends, we think it builds

yes this is yet to be determined and will depend on a variety of different factors but based on the current trends we think it builds


We have some good wins in the quarter in the digital space. You can find all of those details in the press release.

we have some good wins in the quarter in the digital space you can find all of those details in the press release


So let's get right to the key points. In spite of aggregates shipments in the quarter being hit hard by rough weather

so let's get right to the key points in spite of our shipments in the quarter being hit hard by rough weather


Now I'll close with a few comments regarding our recent financing activity and our current financial position.

now i'll close with a few comments regarding our recent financing activity and our current financial position


and we consistently recover these diamonds and they are often of high value and high quality.


yes, plus also the remainder of the roaming effects that we see from our customers being abroad.

yes plus also the remainder of the roaming effects that we see from our customers being abroad


since our last increase in January is more limited than the inflationary pressures might suggest.

since our last increase in january is more limited than the inflationary pressures might suggest


which is both our direct foreign exchange trading


understand what market levels you're kind of assuming? I see that in the footnote, you talked about 5% growth from December levels.

understand what market levels you're kind of assuming i see that in the footnote you talk about 5% growth from december levels


These and other forward-looking statements involve assumptions, risks and uncertainties that could cause actual results to differ materially from those statements.

these and other forward-looking statements involve assumptions risks and uncertainties that could cause actual results to differ materially from those statements


new Menasha acquisition kind of up and running. I think that you shouldn't expect that same lift

the new menasha acquisition kind of up and running and i think that you shouldn't expect that same lift


And I would say that's indicative of people willing to make that investment. I haven't seen a lot of what I would call

and i would say that's indicative of people willing to make that investment haven't seen a lot of what i would call


Within Safety-Kleen, we remain optimistic about our ability to continue to effectively manage the spread

within safety-kleen we remain optimistic about our ability to continue to effectively manage the spread


and in the appendix of today's presentation. And now I'd like to turn the call over to our CEO, Alan McKim. Alan? Thanks, Michael.

and in the appendix of today's presentation and now i'd like to turn the call over to our ceo alan mckinnon alan thanks michael


as to what might happen in the future. Statements that are forward-looking can be identified by the use of the words such as believe,

as to what might happen in the future statements that are forward-looking can be identified by the use of the words such as believe


for the first half of the year and same as for the consolidated guidance, the full year -- the

for the first half of the year and same as for the consolidated guidance the full year


all of that's part of our efforts that we've been undertaking for several years to drive towards a value-based health care system.

all of that part of our efforts that we've been undertaking for several years to drive towards a value-based healthcare system


drive that down as a percentage of total spend over the last several years, so making nice progress there. And the reality is

drive that down as a percentage of total spend over the last several years so making nice progress there and the reality is


I mean, in our conversations with the folks at YouTube, they could not be more clear that they want the affiliates.

i mean in our conversations with the folks at youtube they could not be more clear that they want the affiliates


So turning to our financial highlights for last year. I'm pleased to report strong performance.

so turning to our financial highlights for last year i'm pleased to report strong performance


right on the center of the target in terms of great functionality in that product as we've discussed on other calls earlier in the year.

right on the center of the target in terms of great functionality in that product as we discussed on other calls earlier in the year


a lot of attention from the user community. And there is less and less player in town

a lot of attention from the user community there is less and less player in town


This partnership is unprecedented in scope and scale for First Nations, Suncor and the industry.

this partnership is unprecedented in scope and scale for first nations suncor and the industry


So how many people are -- have a business development role for this initiative?

so how many people are -- have a business development role for this initiative


And we have a track record of innovation from this technology platform that is well established for -- over decades.

and we have a track record of innovation from this technology platform that is well established for over a decade


With respect to operating expenses, we are planning for continued gains in team productivity and modest hiring.

with respect to operating expenses we are planning for continued gains in team productivity and modest hiring


You will find an explanation of the changes in the Financial Outlook and Additional Material sections of our Investor Day presentation.

you will find an explanation of the changes in the financial outlook and additional materials sections of our investor day presentation


We can develop and begin preselling new products in a matter of hours and can ship from our factories in as little as 70 days.

we can develop and begin preselling new products in a matter of hours and can ship from our factories in as little as 70 days


Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors,

actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors


The building new is fine, the demolition is fine, but refurbishment, you know what that's like, it's like peeling an onion or renovating a house.

the building new is fine the demolition is fine but refurbishment you know what that's like it's like peeling an onion or renovating a house


The project capital extends over a 6-year period. This is intentional to optimize the cash flow.

the project capital extends over a 6-year period this is intentional to optimize the cash flow


We are laser-focused on driving growth as our top priority and are improving our execution to do so.

we are laser focused on driving growth as our top priority and are improving our execution to do so


In addition, services revenue decreased due to the completion of a project with one of our largest customers.

in addition services revenue decreased due to the completion of a project with one of our largest customers


We would get a shot of sales cycle. So that's a goal we certainly have, but we haven't seen evidence of that yet, but

we would get a shot of sales cycle so that's a goal we certainly have but we haven't seen evidence of that yet but


what I think we can say is that with the demand levels that exist, which we still think are generally healthy,

what i think we can say is that with the demand levels that exist which we still think are generally healthy


And so that's pushed out anticipated revenues from the first half of the year to the second half

and so that's pushed out anticipated revenue from the first half of the year to the second half


I would like to remind everyone that forward-looking statements for the respected company's business, financial condition and results of its operations

i would like to remind everyone that forward-looking statements for the respective company's business financial condition and results of its operations


And when you consider the regulatory strategy, is that -- is

and when you consider the regulatory strategy is that


It feels like at some point on the gross yield side, it's going higher, but the rebate side is keeping up pace. To some extent

it feels like at some point on the gross yield side it's going higher but the rebate side is keeping up pace to some extent


is that nobody expected the Chinese government to come out and say that Chinese ladies could now have 2 babies.

is that nobody expected the chinese government to come out and say the chinese ladies could now have 2 babies


Now I'll turn the call over to Dave Russo to review our results, and then I'll provide some additional thoughts and concluding remarks.

now i'll turn the call over to dave russo to review our results and then i'll provide some additional thoughts in concluding remarks


Unlike last year, we did not limit shipment to Trinidad to any great degree and had good sales results in December.

unlike last year we did not limit shipments to trinidad to any great degree and had good sales results in december


We remain confident that we can soon demonstrate the value and therapeutic potential of our platform technologies for the years to come.

we remain confident that we can soon demonstrate the value and therapeutic potential of our platform technologies for the years to come


We see opportunities for oxygen and hydrogen plants around the world in this category.

we see opportunities for oxygen and hydrogen plants around the world in this category


I think we'll continue to see some of that as we go -- as Robert mentioned in his comments, as we go into second quarter. And so some of that is

i think we'll continue to see some of that as we go -- as robert mentioned in his comments as we go into second quarter and so some of that is


with a strong experienced and effective sales team, a robust and unique product portfolio and product pipeline.

with a strong experience and effective sales team a robust and unique product portfolio and product pipeline


so we have to see what they think and whether they might engage into broader consultation on this matter. So

so we have to see what they think and whether they might engage into broader consultation on this matter so


which positions us to maintain this long-term relationship through a resolution with mutually beneficial results.


These improvements reflect the power of our technology investment in the platform as well as the impact of our strategic marketing partnership.

these improvements reflect the power of our technology investment and the platform as well as the impact of our strategic marketing partnership


In other words, we will continue to export at a great price with Roche in the meanwhile.

in other words we will continue to export at a great price with roche in the meanwhile


And in the Gulf Coast, earnings were slightly lower than the second quarter due to increased costs related to planned maintenance activity.

and in the gulf coast earnings were slightly lower than the second quarter due to increased costs related to planned maintenance activity


those have been consistently kind of going down over the past several years. So that business always fights erosion domestically,

those have been consistently kind of going down over the past several years so that business always fights erosion domestically


And that's really what I was referencing is that inside the packaging industry there's a lot of change going on from consolidation,

and that's really what i was referencing is that inside the packaging industry there's a lot of change going on from consolidation


Once completed, this allows us to serve our customers in a more efficient and faster way.

once completed this allows us to serve our customers in a more efficient and faster way


I've said repeatedly that I expect that KEYTRUDA, by virtue of the spectrum of its activity, will prove to be foundational in future cancer care.

i have said repeatedly that i expect that keytruda by virtue of the spectrum of its activity will prove to be foundational in future cancer care


For a more complete discussion of the certain risks and uncertainties affecting Investors Bancorp, please see the sections entitled

for a more complete discussion of the certain risks and uncertainties affecting investors bancorp please see the sections entitled


for their claims. So that was the genesis behind the original claims amount per case.

for their claims so that was the genesis behind the original claims amount per case


This was primarily due to increased volumes in the Permian from the ramp-ups of the Orla and Panther processing plants,

this was primarily due to increased volumes in the permian from the ramp-ups of the orla and panther processing plants


and we do not have any covenants on our note and our financing, which will

and we do not have any covenants on our note and our financing which will


These positive factors led to improved sales growth with both our commercial and retail customers.

these positive factors led to improved sales growth with both our commercial and retail customers


This focus and effort produced 6 consecutive quarters of FIFO gross profit margin improvement

this focus and effort produced 6 consecutive quarters of fifo gross profit margin improvement


The remainder includes capital expenditures, loan advances, equity investments and contract investment.

the remainder includes capital expenditures loan advances equity investments and contract investments


An important area of focus for us in the year ahead will be to successfully integrate our recent acquisitions.

an important area of focus for us in the year ahead will be to successfully integrate our recent acquisitions


were there any specific client types that were stronger? Any specific types that were weaker?

were there any specific client types that were stronger any specific types that were weaker


We continue to see a weak demand in the March quarter, and we have

we continue to see a weak demand in the march quarter and we have


Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC.

factors that could cause actual results to differ materially are discussed in the company's most recent filings with the sec


A description of such risk factors can be found in our earnings release and in our reports filed with the Securities and Exchange Commission,

a description of such risk factors can be found in our earnings release and in our reports filed with the securities and exchange commission


Therefore ITC is currently reviewing the order and considering its options including rehearing and appeal.

therefore icc is currently reviewing the order and considering its options including rehearing and appeal


obviously, the third one and an important one that we are reporting to since a couple of months

and obviously the third one and an important one that we are reporting to since a couple of months


our customers will experience the -- we call it the portalization of our product line. And

our customers will experience the we call it the portalization of our product line and


very much in keeping with that new plan, with that expectation. And we will continue to work

very much in keeping with that new plan with that expectation and we will continue to work


We respect that, we respect totally. And I think with this new process that they have in place with the government,

we respect that and we respect totally and i think with this new process that they have in place with the government


The financial performance of our GlobalShop trade show in the design and construction sector was below expectations despite being well supported

the financial performance of our global shop trade show in the design and construction sector was below expectations despite being well supported


and we have been successful defending our ratings by aggressively managing our cost structure and by generating solid free cash flow through the downturn.


the cash flow expectations for the balance of the year. What you think your revenue number would be

the cash flow expectations for the balance of the year what you think your revenue number would be to


Such statements are based on management's assumptions and beliefs, taking into account information that is currently available.

such statements are based on management's assumptions and beliefs taking into account information that is currently available


And because of the reduction in force, most of the reps actually now have a larger territory

and because of the reduction in force most of the reps actually now have a larger territory


good. The growing lower than the inflation


Given our portfolio continues to shift to growth around shipping, the seasonality of our business has shifted even more to the fourth quarter,

given our portfolio continues to shift to growth around shipping the seasonality of our business has shifted even more to the fourth quarter


The increase was largely due to contributions from the Newark Airport Terminal 1 project and the technology project in California

the increase was largely due to contributions from the newark airport terminal 1 project and a technology project in california


Now, I'd like to address regional sand mine development as it relates to the demand for Northern White.

now i'd like to address regional sand mine development as it relates to the demand for northern white


scale and nature and deliverable in shorter time scales enabling us to operate in an agile manner

smaller in scale and nature and deliverable in shorter timescales enabling us to operate in an agile manner


using divestment proceeds to reduce debt and position the organization to deliver sustainable and focused growth.


We continue to promote sales through both channels as we expand our China business.

we continue to promote sales through both channels as we expand our china business


This slide summarizes our thinking on profit growth and capital allocation.

this slide summarizes our thinking on profit growth and capital allocation


as I said in my remarks, they operate virtual bookstores and hybrid bookstores. This will give us

as i said in my remarks they operate virtual bookstores and hybrid bookstores this will give us


I would now like to turn the conference over to Rachel Reiff, Corporate Communications for Aratana. Please go ahead.

i would now like to turn the conference over to rachel reef corporate communications for aratana please go ahead


and we know what's going on with rate base and then where is demand going. And so we're right in the process now of looking

and what's going on with rate base and then where is demand going and so we're right in the process now of looking


leaving no stone unturned in our quest to reduce the cost and increase the efficiency of our entire operation.


As such, this gives us an extra degree of confidence in our ability to show solid growth this year.

as such this gives us an extra degree of confidence in our ability to show solid growth this year


Okay. I saw that working capital decreased quite a bit in this segment.

okay i saw that working capital decreased quite a bit in this segment


It's not like CapEx. It's not like losses. That can be recovered and put back in the bank, and that obviously is our plan.

it's not like capex it's not like losses that can be recovered and put back in the bank and that obviously is our plan


per BOE, and the premium reserves we've been adding are beginning to make a significant difference in our bottom line results.

or boe and the premium reserves we've been adding are beginning to make a significant difference in our bottom line results


And I just want to thank you for joining us this morning, and thank you for the confidence you have placed in us with your investment. Thank you.

and i just want to thank you for joining us this morning and thank you for the confidence you've placed in us with your investment thank you


we are seeing promotional price points that are consistent between ourselves and our competitors


Our consulting partners will be able to deliver these services on their paper, which is their preference.

our consulting partners will be able to deliver these services on their paper which is their preference


to provide our clients with a Netflix-like experience serving up some of the best content available.

to provide our clients with a netflix-like experience serving up some of the best content available


probably are not skills that you have today. And so training becomes incredibly important in that world.

probably are not skills that you have today and so training becomes incredibly important in that world


Specifically if you look at groups like our strategic sales team or the large enterprise sales group,

specifically if you look at groups like our strategic sales team or the large enterprise sales group


we feel we get the network benefits to all of our other resorts and that's something that we look at it in every acquisition.

we feel we get the network benefit to all of our other resorts and that's something that we look at in every acquisition


I have now 3 slides on Digital, just to unpack that in a little bit more detail than we did in the half year.

i have now 3 slides on digital just to unpack that in a little bit more detail than we did in the half year


and as we continue along here. What we do know is that, that this is a significant cost to the hospital.

as we continue along here what we do know is that this is a significant cost to the hospital


and as we leverage our marketing messages through in-outlet activation using our activation army.

and as we leverage our marketing messages through in outlet activation using our activation army


We have put a link to the video at the end of this presentation. Take time to watch it. It's an awesome story.

we have put a link to the video at the end of this presentation take time to watch it it's an awesome story


This, combined with broad access, has led to continued strong growth in the prescription volume and sales.

this combined with broad access has led to continued strong growth in the prescription volume and sales


So it's just a very, very different business today, Paul, and I know I'm not answering your direct question because I know you're not expecting me to.

so it's just a very very different business today paul and i know i'm not answering your direct question because i know you're not expecting me to


to do everything we can to prevent these sort of fatalities or, let's say, serious injuries.

to do everything we can to prevent these sort of fatalities or let's say serious injuries


driven primarily by factory automation products in the areas of interface, signal chain and power management.

driven primarily by factory automation products in the areas of interface signal chain and power management


Sustainable growth will not come just because we wish for it. We will need to reinvest in the business.

sustainable growth will not come just because we wish for it we will need to reinvest in the business


because of fluctuation in the secondary markets, but I need to say that for industrial and

because of fluctuation in the secondary market but i need to say that for industrial and the


and we're off to a good start this year with one significant order set for delivery in the first half already booked.

and we're off to a good start this year with one significant order that's a delivery in the first half already booked


including taking on additional debt to repurchase specific shares, we hit the pause button.

including taking on additional debt to repurchase specific shares we hit the pause button


broader weakness in our Avionics business and intensified level of pressure on our diversified industrial markets

broader weakness in our avionics business and an intensified level of pressure on our diversified industrial markets


we believe we can improve revenues from casino guests at the Strat and across our entire portfolio of gaming assets.

we believe we can improve revenues from casino guests at the strat and across our entire portfolio of gaming assets


This is not in the books right now. This is not in the asset held for sale. This is something that will probably be there

this is not in the books right now this is not in the asset out for sale this is something that will probably be there


designed to tap into Brisbane's enormous dog appreciation community and let our four-legged friends be the main attraction.

designed to tap into brisbane's enormous dog appreciation community and let our four-legged friends be the main attraction


And of course, that's what we're trying to do this time as well. So I wouldn't expect you to just extrapolate forward. That is where we are now.

and of course that's what we're trying to do this time as well so i wouldn't expect you to just extrapolate forward that is where we are now


as well as a particulate reduction strategy plan. And so between that information

as well as a particulate reduction strategy plan and so between that information


So it will be in areas that expand our reach and deepen our expertise

so it'll be in areas that expand our reach and deepen our expertise


so I guess the question is at what scale would an acquisition or does an acquisition become difficult to integrate with the current sales force?

so i guess the question is what scale would an acquisition or does an acquisition become difficult to integrate with the current sales force


As a reminder, our former contract manufacturer has failed to fulfill a supply obligations

as a reminder our former contract manufacturer has failed to fulfill its supply obligations


The good news is that we have an improved infrastructure to leverage a higher demand environment without additional investment and

the good news is that we have an improved infrastructure to leverage a higher demand environment without additional investment


fair assumption to assume we might see upticks the same in the first 2 pickups of the Bank of Canada.

fair assumption to assume we might see upticks the same in the first 2 pickups of the bank of canada


Or is there just been a case where there hasn't been acquisition opportunities that have come up and you're happy to keep your powder dry?

or has there just been a case where there hasn't been acquisition opportunities that have come up and you're happy to keep your powder dry


We expect that the ratio of second half to first half copper production in particular

we expect that the ratio of second half to first half copper production in particular


is to high grade the opportunity set in terms of getting into the existing well stock and really trying to optimize

is to high-grade the opportunity set in terms of getting into the existing well stock and really trying to optimize


What do we expect to see in the second half? A continuation of unit revenue up in the second half for Qantas.

what do we expect to see in the second half a continuation of unit revenue up in the second half for qantas


But remember, in the change the bank, it runs the whole gamut from platforms and controls

but remember in the change the bank it runs the whole gamut from platforms and controls


the probable extension of the OPEC agreement until 2019 and a possible Iranian supply shock counteract those forces.

the probable extension of the opec agreement until 2019 and a possible iranian supply shock counteract those forces


We continue to expect mid-single-digit operational sales growth for the full year internationally

we continue to expect mid-single-digit operational sales growth for the full year internationally


whether it's marginally less attractive at higher interest rates, I think there's a case can be made for that.

whether it's marginally less attractive at higher interest rates i think there's a case can be made for that


This has been a continuing trend and is the result of the actions we've taken, given the low oil price environment.

this has been a continuing trend and is the result of the actions we've taken given the low oil price environment


by investing in our core Industrial Gases business. But as I have always said,

by investing in our core industrial gases business but as i have always said


Yes, Paul. It's a good question. And some of this has been a function of debt has gone up on a consolidated

yes paul it's a good question and some of this has been a function of -- that has gone up on a consolidated


In the first quarter, strong operating fundamentals were the largest contributor to our revenue and adjusted EBITDA performance.

in the first quarter strong operating fundamentals were the largest contributor to our revenue and adjusted ebitda performance


I think you'll always see that as a part of our lineup. A couple of things that I will mention is, as far as the time line, first,

i think you'll always see that as a part of our lineup a couple of things that i will mention as far as the time line first


This reflects our intention to implement a plan that doesn't depend on resource prices increasing.

this reflects our intention to implement a plan that doesn't depend on resource prices increasing


the full year? I mean, do you see anything in your markets currently that would support that lower end on the organic

for the full year i mean do you see anything in your markets currently that would support that lower end on the organic


And I think that's the right answer. I think that changes the equation a whole lot more than anything we've heard. So

and i think that's the right answer i think that changes the equation a whole lot more than anything we've heard so


In order to get a complete picture of daily OpEx, we feel that it is most appropriate to add a daily dry docking reserve,

in order to get a complete picture of daily opex we feel that it is most appropriate to add a daily dry-docking reserve


the sterling performance of our consumer credit businesses and from even stronger growth in our transactional and servicing business lines,


we have -- we gain a better understanding of our value proposition,


During the past several years, demand for new space has remained strong despite higher rents.

during the past several years demand for new space has remained strong despite higher rents


I continue to be impressed with the excitement of our associates in presentation of our stores

i continue to be impressed with the excitement of our associates and presentation of our stores


get colder? What are your other merchandising opportunity and how does your inventory look in these categories?

get colder what are your other merchandising opportunities and how does your inventory look in these categories


And if they're not happy, they tell people about it. So we're in a good place right now that we're increasing.

and if they're not happy they tell people about it so we're in a good place right now that we're increasing


Our goal is to position our teammates as expert advisers, who can properly educate our customers about their vehicle needs

our goal is to position our teammates as expert advisers who can properly educate our customers about their vehicle needs


Social selling is an accelerator for our business, and we continue to see encouraging progress in markets like

social selling is an accelerator for our business and we continue to see encouraging progress in markets like


So the whole trading up phenomena is still intact. It is not that we can say this is dead.

so the whole trading up phenomena is still intact it is not that we can say this is dead


This is larger than previously anticipated, owing to 2 provisions within the proposed rule.

this is larger than previously anticipated owing to 2 provisions within the proposed rule


And as noted, this does not assume any market share gains in markets where we have a cost advantage.

and as noted this does not assume any market share gains in markets where we have a cost advantage


Please refer to our most recent Form 10-K and other SEC filings for more information on those risks.

please refer to our most recent form 10-k and other sec filings for more information on those risks


The joint venture is utilizing nonrecourse debt to help finance the acquisition of the associated servicing advances.

the joint venture is utilizing nonrecourse debt to help finance the acquisition of the associated servicing advances


We think if you're going to increase the value of the distillers proteins, you should increase it to the soybean -- high-protein soybean meal

we think if you're going to increase the value of distillers proteins you should increase it to the soybean -- high protein soybean meal


We've garnered the interest for multiple memory manufacturers and have started expanding our customer engagements.

we've garnered interest from multiple memory manufacturers and have started expanding our customer engagements


This certainly supports our long-term position that this could turn out to be an extended cycle of strong demand for our industry,

this certainly supports our long-term position that this could turn out to be an extended cycle of strong demand for our industry


that's about where it's at. We don't expect to see any impact from the additional capacity

that's about where it's at we don't expect to see any impact from the additional capacity


So it's fairly an isolated exposure that we're really worried about. And we believe that to the extent we know and we can foresee over the

so it's fairly an isolated exposure that we're really worried about and we believe that to the extent we know and we can foresee over the


Okay. So you're committed to the 20 even if Amazon may not want 17 more?

okay so you're committed to the 20 even if amazon may not want 17 more


Sure, Michael. The project I just talked about is a good example of that. And the way I would think about this is

sure michael the project i just talked about is a good example of that and the way i would think about this is


Total CSS international sales were flat in the second quarter compared to the prior year.

total css international sales were flat in the second quarter compared to the prior year


It is possible to run the FCC unit in a modified mode, while the other refinery units are repaired.

it is possible to run the fcc unit in a modified mode while the other refinery units are repaired


And we're pursuing the compensation for the 0-carbon attributes of our plants, as we've done in New York.

and we're pursuing the compensation for the zero carbon attributes of our plants as we've done in new york


These plants will need to close, and like we've done with certain of our fossil plants and our planned nuclear retirements.

these plants will need to close and like we've done with certain of our fossil plants and our planned nuclear retirements


Ladder has been very measured in its dividend policy, with a focus on maintaining cash dividends at levels that will be funded by core earnings,

ladder has been very measured in its dividend policy with a focus on maintaining cash dividends at levels that will be funded by core earnings


And the third example that I want to use is for a major alternative equipment provider in Europe.

and the third example that i want to use is for a major alternative equipment provider in europe


In fact, looking behind the quarter's reported numbers, I'm very encouraged by what I see.

in fact looking behind the quarter's reported numbers i'm very encouraged by what i see


maturation of the stores that we built or acquired last year and the absence of the conversion costs we incurred last year.


I just think that's a big driver in the market. And as far as the overall cost in the design and what

i just think that's a big driver in the market of it and as far as the overall cost and the design and what


The first quarter level is typically higher because of the normal quarterly gating of fringe-related costs,

the first quarter level is typically higher because of the normal quarterly gating of fringe-related costs


But we also push roadside digitization, especially since we have been able to beta test right locations,

but we also push roadside digitization especially since we have been able to beat the test right locations


and Davenport had done extremely well during the entire cycle. So there was a little bit of uplift from that as well.

and davenport had done extremely well during the entire cycle so there was a little bit of uplift from that as well


in a prudent manner that permits us to achieve greater economies of scale, higher returns for our shareholders and a more conservative balance sheet.

in a prudent manner that permits us to achieve greater economies of scale higher returns for our shareholders and a more conservative balance sheet


Our indirect labor expense ran high due to challenges involved with the off-spec steel we initially tried to process

our indirect labor expense ran high due to challenges involved with the off-spec steel we initially tried to process


And we are looking at the possibility of a solution outside of the best interest contract exemption

and we are looking at the possibility of the -- of a solution outside of the best interest contract exemption


We stick to this promise and of course, as I said before, regenerating capital

we stick to this promise and of course as i said before we generating capital


will be moderated from past practices, since the channel is being more highly served by core producers.

will be moderated from past practices since the channel is being more highly served by core producers


We continue to review our portfolio. This includes the process to divest our merchant ethylene capacity and some other product lines.

we continue to review our portfolio this includes the process to divest our merchant ethylene capacity and some other product lines


The survey revealed many strengths, and we earned our best scores in areas that require high employee participation.

the survey revealed many strengths and we earned our best scores in areas that require high employee participation


whether those opportunities would require new builds and what your appetite is to build more rigs and put them in those markets at this point?


We will truly offer good, better and best products with an emphasis on the higher-end product offerings.

we will truly offer good better and best products with an emphasis on the higher-end product offerings


especially when you think about near term and when we're in this mode of thinking meeting to meeting in terms of where interest rates might go,


was helpful. We had other extensions that we highlighted there of new business in different parts of the country for existing customers.

was helpful we had other extensions that we highlighted there of new business in different parts of the country for existing customers


So early second quarter. I think Derek made that in the comments is when we expect to complete enrollment, and then we'll read out the trial

early second quarter i think derek made that in the comments is when we expect to complete enrollment and then we'll read out the trial


The strong organic growth reflects improved markets, the introduction of new products and the company's channel initiatives.

the strong organic growth reflects improved markets the introduction of new products and the company's channel initiatives


We are forecasting strong organic growth and margin expansion in all of our reporting regions.

we are forecasting strong organic growth and margin expansion in all of our reporting regions


that's actually caused problems because you try to drive to hire a specific number of people and that's not necessarily the quality people that you get and want.

that's actually caused problems because you try to drive the hire a specific number of people and that's not necessarily the quality of people that you get in one


mostly related to the increase in dermatology product revenue and higher sales to our new animal healthcare partner.

mostly related to the increase in dermatology product revenue and higher sales to our new animal health care partner


If we continue to do the development right, there could be a significant higher

if we continue to do the development right there could be a significant higher


large companies where there actually is a somewhat active secondary market and then you have everything else.


This was the second time we assisted a company in helping to solve for a capital structure problem that existed on a balance sheet.

this was the second time we assisted a company in helping to solve for a capital structure problem that existed on a balance sheet


and factored into the purchase price, and some of which was caused by adverse weather conditions in Peru during the spring.

and factored into the purchase price and some of which was caused by adverse weather conditions in peru during the spring


The outcome is mathematical and objective and mirrors what is within the accounting standards.

the outcome is mathematical and objective and mirrors what is within the accounting standards


we're going to move with lightning speed on this. We expect to capture some significant revenue in EBITDA in Q4 from the vascular business.

we're going to move with lightning speed on this we expect to capture some significant revenue and ebitda in q4 from the vascular business


Please note that today's call contains forward-looking statements within the meaning of the applicable Canadian securities legislation.

please note that today's call contains forward-looking statements within the meaning of the applicable canadian securities legislation


Quite frankly, thus far, we are not seeing really any large impacts on our ability to

quite frankly thus far we are not seeing really any large impacts on our ability to


If for a second we assume there is an instant collection,

if for a second we assume there is an instant collection


Before we begin, I want to direct your attention to Slide 3, which discusses our use of forward-looking statement

before we begin i want to direct your attention to slide 3 which discusses our use of forward-looking statements


and all the numbers I will be discussing excludes their contributions, both historically as well as the current quarter.

and all the numbers i will be discussing excludes their contribution both historically as well as the current quarter


obviously, generating a lot of capital internally, you're going to be generating a lot more with the latest tax cut.

obviously generating a lot of capital internally and you're going to be generating a lot more with the latest tax cut


through. There's some upside with the licensing deals you've talked about but presumably, some additional investments on things like technology and other areas.

there's some upside with the licensing deals you've talked about but presumably some additional investments on things like technology and other areas


Finally, I want to thank all of our team members who deliver service excellence every day to our customers across the world.

finally i want to thank all of our team members who deliver service excellence every day to our customers across the world


This forecast was also developed in the context of capital constraints and the uncertain macro environment we face.

this forecast was also developed in the context of capital constraints and the uncertain macro environment we face


As we continue to acquire the assets outlined in our guidance, our coverage ratio will improve significantly.

as we continue to acquire the assets outlined in our guidance our coverage ratio will improve significantly


We can't speak for all indices, because each of the indices have their own rules and will make their own determination of what's included.

we can't speak for all indices because each of the indices have their own rules and will make their own determination of what's included


Our deployment also reflects the growth and breadth of our global platform, particularly within direct lending.

our deployment also reflects the growth and breadth of our global platform particularly within direct lending


presentation highlights consolidated and segmented results and I'll be referring to this presentation during my comments.

the presentation highlights consolidated and segmented results and i'll be referring to this presentation during my comments